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tv   Varney Company  FOX Business  October 28, 2021 9:00am-12:00pm EDT

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i've seen that movie with leonardo dicaprio and his run in with the bear didn't end well. i don't want to be a around the bear ever especially one that is hungry. i will be staying as far as possible. maria: i would have gotten out of there. >> i would have too. looks like the bear is making his way in. maria: thank you. "varney and company" is about to begin. stuart: it is difficult to report clearly what is going on dc. chaos in the democratic party makes clarity a scarce commodity but we will try to make sense of it all. the president meeting with top democrats on capitol hill trying to bridge their differences. they do have a deal, it is
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called a framework for the reconciliation bill, which programs are in and out to pay for it all. the president scheduled to make a statement at 11:30 eastern. we will take that ride and have details on this framework, we will spell it out in a moment. chaotic tax-and-spend scramble does not appear to upset the markets, the dow is coming up a little after wednesday's loss. close to another record, up 60. 35,000400,000, the s&p on the way back up again. the nasdaq powering ahead, 78 point gain. another big tech day. apple and amazon report after the bill, both of them holding firm pre-market. amazon and apple report later holding firm now.
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we just received the first look at the state of the economy in the july through september period. gdp expanded at a 2% annual rate slowing from the 6% rate in april through june quarter. this is a big day. the biden presidency on the line, socialists testing their power, voters in virginia will be watching and so will the climate warrior waiting to see what the president brings to the climate conference in glascow. "varney and company" is about to begin. ♪♪ stuart: we do have details on what is in this framework. this is what is in the bills
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back better plan. >> total cost, $1.75 trillion was the bulk of the childcare and preschool $300 billion, home care $350 billion, child tax and earned income tax credit $200 billion, you can see the list continues, what they are able to spend on and how do they pay it? >> with that screen on, that looks like a scaled down version of most of the programs they were planning for, scaled-down, scattershot approach. >> they don't have dental but i see hearing at $35 billion. what else looks like it is out? scaled back, yes. stuart: how this is going to be paid for. >> that seem to be the most agreeable among lawmakers here so they will pay for that
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$325 billion stock buyback tax, reportedly kristen sinema was okay with her, $425 billion. agi surcharge in the top 0.02% bringing in $230 billion. stuart: a scatter shot, don't see the billionaires tax in there. looks like the irs will invest in the irs to close it, wonder if that snooping on your bank account, not sure about that but that will bring in $1.9 trillion for a program that costs -- >> a lot of money for the irs, irs investments, going into that agency. some snooping as a result of this. stuart: scrambling to get details out there in a coherent clarity fashion. we did a reasonable job.
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>> this is no way to run a government. >> these are words on a paper, this is not legislative language, these are talking points that, and 2 other transportation to go first. it will be more to their liking. these socialist leaders in the house are not buying this. show me a real bill and then we will pass the transportation bill and the budget bill at the same time. it is a real standoff. stuart: we have to find out today whether the socialist wing of the democratic party will accept the so-called
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framework. we will find out today. >> that is right. the other piece of this, days away from the big election in virginia were president biden's polling numbers are underwater meaning even in a state he won by 10 points he is very unpopular even though he was there to campaign for terry mcauliffe, in the blue state of virginia where i live the republican challenger glenn youngerkin is tied, has a chance to win. democrats are seeing socialism in the democratic party is unpopular even in a blue state. stuart: they want to get out there with this framework that says we will help with childcare and eldercare and get this, that and the other, put that on the table before the election in virginia. potential democrat voters. >> budget gimmicks on what the real timeframe is.
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all the stuff they want to jam in, amnesty for people who came illegally, the voting reform stuff, punitive measures on fossil fuel. the problem with the framework is it talks about the things that aren't the real things in the bill, when you see legislation you see these terrible things they added. that is what we can't report on because they haven't told us what is in or what is out. a lot of that bad stuff will be in. stuart: the framework is not the legislation. i got it. thanks very much. let's transfer away from the political arena to economics. we have the numbers this morning on gdp, gross domestic product and jobless claims. >> the economy expanded the slowest clip in a year in the third quarter, 2% growth down from 6.7% in the second quarter if you look at the consumption. this is the economy, one.6%
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down from 12% in the prior quarter. people cannot get the stuff they want. we are seeing inflation rise, growth slow. that is stagflation, down 231. stuart: thanks very much. let's bring in bill baroque, market watcher of this interesting morning. what do you make of the slow economic growth? >> a lot of it was priced in. not extremely concerned but the supply chain bottlenecks, waiting on the gdp numbers. stuart: doesn't look good until a slowing economy. the word stagflation is going to come back. >> it has been on the headline
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for weeks and months, it doesn't derail the stock market but there are ongoing concern. through the end of the summer, the growth will show but sustainable if they are tightening policy and the yield curve planning out heavily. stuart: how come the market is rallying with this chaos in washington? >> the federal reserve expanded its balance sheet the last couple weeks, it not a coincidence that market rallied out of that. they came out of the big yellow of technical support the quadruple selloff and a lot of technical pressures. once the market turned it shows you moment them is there. momentum turns, you got a good ride hiring there are good technical levels. leadership of energies and leadership from mega tech.
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stuart: as we speak the dow is up 50 points and the nasdaq is up 70 or 80 points. amazon and apple both report after the bill today. two huge technology giants. looking at capitol hill, the president and all that is going on in dc. apple and amazon. >> let's start with apple, the bulk of the $85 billion in excited revenue will come from the iphone $41 billion. apple warned 3 months ago component issues were intensifying. what does that mean for the iphone 13, the first full quarter of the iphone 15. labor is expensive. they are paying a lot of money, 275,000 additional one this. they are expected to fall 15% with revenue of $11 billion.
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stuart: huge. you are looking at the president arriving on capitol hill where he will meet the democrat caucus. they have a plan called a framework, what are they going to spend $1.75 trillion on and will they raise $1.75 trillion in taxes? the president will go on the air 11 fully -- 11:30 eastern outlining this framework. as we heard from that schlapp you will get the framework but you won't get the legislation and the devil is in the details in the legislation. we are about to open the market in 18 minutes. futures point to market our rally modestly at "the opening bell" and then there is this. the wolf of wall street made his name dumping stocks. watch this. >> at the tender age of 22 i headed to the only place that fit my high-minded ambition. move the money from your clients pocket into your pocket but if you make the client
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money at the same time - nft market. he will tell us what he is buying. convicted fraudster convince us to get into nfts? the fda, okay the emergency use of pfizer's vaccine for young children any day now. should your children get the jab? i will ask doctor matt mccarthy after this. ♪ ♪ no two dreams are the same. but there is one van equipped to handle them all.
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stuart: california ready to roll out covid vaccinations for children.
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how many shots? >> 1.2 million. they are waiting on the final approval from the cdc. one dose for the kids that live in california. governor newsom has been mandate requiring if you go to public school you need a vaccine. that happens when you get full fda approval. when that happens, might take a few months, the start of the next school year there could be a vaccine mandate for all school children attending public school in california. stuart: when the fda gives it full approval. the fda is expected to walk by the pfizer vaccine for children. this is not on a full basis, emergency use, that will be tomorrow. doctor matt mccarthy joins us now. should children with chronic health issues get vaccinated when available and as soon as possible? >> this is what the fda debated this weekend it was unanimous
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that we think 5 to 11 we should make it available in the group came to the conclusion that if you have chronic health conditions, your child has chronic health conditions they should get vaccinated. that is a no-brainer. we see clear risk factors for getting hospitalized age 5 to 11 and the vaccine is a great way to prevent that. no question if you have a child who has a high risk condition go out and get vaccinated and i'm telling parents of children to do that but it gets more complicated when we talk about healthy kids and this is what the majority of the debate was about. we start experts looking at data and modeling which showed in every situation these vaccines, the benefits outweigh the risks except in one. when cases are very low the model suggested the risk of
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hospitalization might be higher with the vaccine than with the virus. that gave people pause. that has been glossed over in a lot of the headlines written about this. and there were some who were so uncomfortable with this model they said let's vote on something different. we don't want to vote on whether to make it available to all kids. we want to vote on whether it is available to just high-risk kids. the fda pushed back and said this is a thumbs up or down about whether we should make this vaccine available to all kids age 5 to 11 and we will punt the issue to the cdc to decide who should get it. it was an acrimonious debate and the heart of it was with the kids 5 to 11 need two doses. spreading it 3 weeks apart is appropriate and what they said is we need to start giving this vaccine to find out how safe it is.
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if you are eager to get your kid vaccinated, if you want to get more data that is okay too. we should not be pushing it too hard yet. stuart: you don't agree with the california mandate that kids get vaccinated when the fda gives full approval to the vaccine, you don't agree with that mandate? >> we do not believe this should be mandated for all kids to go to school yet. that is beyond what we are doing, we want to protect the vulnerable. putting this is a requirement, putting the cart before the horse. i wouldn't recommend that. it will add stress, we see 25 to 40% of parents want to go out and get kid vaccinated right away. i wouldn't be doing that yet. i would let us get a bit more information. we are making decisions for millions of children, thousands of kids.
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i plan on getting my kid vaccinated but i to see more info, help me breathe easier. i wouldn't put the mandate ever prerequisite with full fda approval. stuart: you feel the same way as a majority of parents at this moment. always good. thanks, appreciate it. there's a case like this. threatening to sue her son's high school because she says they gave the youngster the vaccine without her permission. >> is not and 5 ask, brought this big mobile vaccination with pipe over her son, gave him the consent form, got the jab. louisiana requires a parent signature and she did not get it and they are revising the program of showing up in school for vaccination because you get. pressure.
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stuart: the vaccine mandate in new york city could create a real problem with first responder, and they believe. >> 30% of police and firefighters put on unpaid leave, they have to get one dose by tomorrow or lose their paycheck. stuart: this is crunch time. lauren: who blinks first? put the test option back in, or is he going to risk potentially having streets even more unsafe because you can't have the police and emergency personnel you need to deal with the situation. stuart: i don't think the mandate is necessary. >> some put on the testing option, the vaccine mandate because they are looking at what their staff is saying. stuart: let's get back to the markets.
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some clarity, read the numbers, dow is up 75 or will be at "the opening bell" and the nasdaq up 73. looking green for "the opening bell" on wall street which is next. ♪♪ ♪♪
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stuart: president biden on capitol hill meeting with the democratic caucus, he's laying out the framework, how much they will spend on what they will spend it on for the reconciliation bill. the socialists are beginning to weigh in on what they see in the deal so far. congresswoman ilhan omar says she is a no until there is a legislative text to find out the details of the framework is big picture. let's get to the futures market again, still see plenty of green. we used to call him mister super bowl, michael lee joins us. we got a slowing economy, inflation of around 5%.
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we have the democrats proposing to spend $1.7 trillion over ten years and tax $2 trillion extra. what impact on the market? >> we will see if this goes through. markets are not really pricing it in. you haven't quite seen that in the bond market but the equity markets are incredibly resilient at the moment. the bounce back from this a lot induced by chairman powell's last words was a sight to be seen. you have $4.5 trillion in money markets, savings rate close to 10% and $1.1 trillion in announced stock buybacks. the equity market can go higher than people think. stuart: the consensus of all the people i speak to seems to be will keep going higher for stock prices this year but next year with the downturn. are you broadly in line with
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that? >> know. something needs to happen, and we have a year like 2018. and the market is volatile. took one or 2%. and still a lot going on. whether the food is fixed faster than the consensus expectation. unless a major negative catalyst comes along. i would not expect a meaningful selloff.
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stuart: we will see you again soon. we do have or the president as, it is a broad list of the programs that will go forth and the taxes they will use to pay for it all. it is a framework, not a piece of legislation. we don't know the details, ilhan omar says she is no on the framework. we are up 100 points in the first few seconds of business. the fast majority of the dow 30 are in the green. the dow is up a 12:45%. the s&p, what kind of gain have we got? better than that, up 0.4%. it is nearly half of one% higher.
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let me see big tech. that's where the money is a couple reporting this afternoon. microsoft, apple, alphabet, amazon up, facebook the only lives are a big 5. some companies, big names reported before the bell, caterpillar up one%. >> 30%, price increases boost their margins, management says there were price increases across the board for the fourth quarter. stuart: that is the construction industry doing well. restaurant industry, yum brands. >> not so good. this is the same story we got from fast food companies. labor crunch, prices for shipping, >> you'll be shocked at prices on the menu.
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lauren: cooking more than ever. stuart: show me merck, looks strong. >> they boosted for your profit guidance for fda approval for covid treatments, - stuart: good pronunciation. merck is up 2.2%. look at tesla. the stock of the day. it is up 3.5%. lauren: musk networking nears $300.21% stake in tesla taking their price target to 1300 but i don't think it seems like that. three reasons, everybody wants the tesla. they want to the warranty performance and self driving mode will boost revenue once it is fully operating and more widespread.
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stuart: was i wrong. embarrassing how wrong i was. $1,077 a share as we speak. look at ford, huge gain, they brought the dividend back. do you get on the call and look for a bright outlook? >> they are in a 7-year high, reinstated the dividendss in the fourth quarter, people want their trucks, their f150, demand is strong despite the chip shortages. it is pricing power. if you look at revenue they are doing better than gm. wells fargo put out a note that said 2023. stuart: that is a long way off. show me and either. 7% higher. >> we are drinking more expensive beer, premium beer with the higher input costs. stuart: does anybody drink bud?
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stuart: yes but no one i know. i have a refrigerator full of beer in the basement. stuart: ebay way down. they are down 5.6%. the online boom we saw during the pandemic easy and that is why ebay is down? lauren: jeffrey says they perseverate over ebay which predicted holidaying sales but is it still relevant? stuart: don't take your eyes off the bottom of the screen, the dow is up 172 points. pretty sure that's in intraday high, up half a percentage point on the dow industrials. can you show me sleep number?
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>> smart beds. your bed is smart now. at the intersection of well-being and technology, a gain of 21%. can't believe it is worth it at any price. stuart: dow winners headed by coca-cola, proctor and gamble, these companies were on the dow winners. coke is up 55. s&p 500 again on the winner's list, next couple days running. top of the nasdaq winners list, the chip people. google is there. back to the big board. up 177 points. we didn't see that coming in the futures market. the chaos in washington might have affected the market but
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hasn't. informed rally mode. >> it was a real disappointment raising concerns about the economy but the economy is different from the stock market. stuart: the 10 year treasury, what is with interest rates? the story is they are down, one.53%. gold around 1800, 1808. show me bitcoin. it recovered. it was 58,000 this time yesterday, 61-7. natural gas, $6 per million british thermal units. the average price for a gallon of regular gas is up at $3.40 per gallon. that is one dollar and $0.25 more than it was this day last year. things got heated when
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president biden's attorney general showed up on capitol hill. >> your performance is shameful. thank god you are not on the supreme court, you should resign in disgrace. stuart: we will tell you why republicans are calling for merrick garland's resignation. two of america's big cities rolling out basic income programs, you biggest in the history of the country. alive report after this. ♪♪ ♪♪
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stuart: the socialists responding to president biden's spending plan. ilhan omar says she's a no on the so-called framework until
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she sees the legislative text and here's what alexandria ocasio cortez has to say. >> we need something a little bit more than the back of an envelope. we have legislative taxes, we are open to other mechanisms, needs to be something more than the back of an envelope. stuart: this is what in the build back better plan. these are the program they will fund. a lot of help for child care, elder care, housing, medicare hearing assistance, that kind of thing. it is a scatter shot, something for everyone but everything scales down. here's how they plan to pay for it. these are the taxes they plan to impose. the biggest what is the 15% corporate and minimum tax on large corporations in the profits they report to
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shareholders. they want to raise $300 billion from that. stock buybacks will be taxed down the list. they expect to bring in $1.9 trillion with all those taxes to pay for a $1.75 trillion spending plan. the meeting between the president and his democrat caucus should be 45 minutes, should be just past the top of the hour, then president biden will deliver remarks at 11:30 which we will see. gdp, the economy grew at an annual rate of 2% in the third quarter, labor shortages, supply chain disruptions heard the growth rate. and economist joins us now, slowing economy, rising inflation. are we headed toward stagflation? >> we had it in the third quarter. price index inflation up by 5.3% at the same time real gdp
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rose by 2%, the slowest growth rate by real gdp with the current economic recovery. stuart: why are inflation indicators like gold or the 10 year treasury yield not reflecting any concern about inflation? >> that is especially with the 10 year treasury yield so much liquidity in the system, the effect of federal reserve programs helping express interest rates but relatively low treasury bond yields and the failure of gold to take off tells me there is concern of a possible significant slowing of economic activity in 2022-2023. you have that type of uncertainty with growth on the downside, you are going to have
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significantly lower treasury bond yields than otherwise. stuart: what is the big reason for the slowdown in the economy? is it the supply chain disruptions? >> if you look at the deepest drop of all these components of gdp, it was real consumer spending, if we take out that deep plunge by spending on automobiles we end up with real gdp growth of 4.4% which is better than 2%. the reason we are doing so poorly with auto sales is shortage of microchips, what you might call supply-side disruptions. stuart: no real cause for anxiety from inflation or slowing economy, no real cause for concern. >> that is exactly right. we have a tight labor market.
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upward pressure, wages provide support for consumer spending. inflation gets to be too high relative to the growth of income, real consumer spending suffers, companies discover their pain, what do companies do? they get rid of these workers, lay them off and that leaves groundwork for a slowdown by consumer spending and the overall economy. stuart: thank you very much indeed. on the left-hand side of the screen the dow was up 174, the nasdaq is up 100 points. rosy outlook for the market. los angeles and chicago launching the biggest universal basic income programs in the country. grady trimble is in chicago.
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went to the program start and how much will the payment be? >> in los angeles, applications start tomorrow and they will continue for a year. the payment in los angeles will be for 3200 families, no strings attached payment of $1,000 every single month. in chicago it will be a payment of $500 per month to 5000 of the lowest income families in the city and the total price tag in chicago is $35 million, the los angeles program will cost $40 million, progressive politicians like mayor lori lightfoot and aaron our city claim universal basic income will bring families out of poverty but there are a lot of critics as well, especially in chicago where they say the money would be better spent solving the city's rampant crime problem. they are critical of the way the city is paying for it. mayor lori lightfoot will use federal coronavirus, city leaders should prioritize federal funds on preventing and
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reversing property tax hikes and providing relief to businesses and residents still reeling from shutdowns and other economic hardships. they say chicago lawmakers end up deciding the pilot program is a success they will struggle to pay for it without raising taxes in the future. a lot of people feel like free money like this disincentive eyes is working which is especially problematic right now when there are labor shortages. stuart: why worked, why take care of your children your self when the government will do it for you. let's move on. starbucks raising pay to counter unionization. >> trying to unionize, they want better conditions.
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starbucks is all workers when at least $15 an hour by next summer and the average will be $17, that's not all, $200 a bonus, 5% raise if you've been with the company two years and more training because workers are so scarce, they are working too much, they want to pick their hours and they are overwhelmed because they take a long time to make and they are stressed out. stuart: the pandemic had enormous aftereffects. a first for the state department. the issue the passport, we will clean it to you. they are outselling tesla. history. gary get as low as 7 both of them. which one would he pick? he has one of them outside fox and he will tell us his pick after this.
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stuart: the electric porsche is selling tesla's model-plaps and model x so far this year. gary gaslow is with us was
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before we go any further, i think you've driven both the taken and tesla top-of-the-line model. tell us which one you prefer. >> i have been driven this for a few days, having given the newest version and they weren't building them for much of this year which gave porsche a chance to move into the market, 28,000 of these, better than that. also outsold the porsche 911. it was an suv, household income 900,$000 a year and 40% come from other brands including tesla, 95,$000 goes to 190,$000 in the top model has 750
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horsepower in 2.5 seconds. 215 miles, these have been proven to be 250 miles to charge. thing is a rocket, like you would expect from porsche and is solid as a rock. not sure you want to take this wagon to wally world with a 15 mile range. stuart: it is the 2.45 seconds from 0 to 60, the acceleration gets me. we will see you again later. gas prices in san francisco could reach an all-time high this week.
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>> that tops the old record. it is california, the highest gas tax, the businesses have refineries, and flooding a few days ago and knocked out power with major refineries in the area. that gives to $5 pretty soon. stuart: thanks. here is what we have. charlie her, jordan bellfort and the ceo of overstock. the 10:00 hour of varney is next. ♪♪ e one element securing portfolios, time after time.
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apple and amazon are. by coincidence they're reporting profits or otherwise after the bell. both are up as we walk up to that report. 10-year treasury still below the 1.6% level. tesla, got to show it, at it again. up just $19. up 1.89%. watch tesla go. here we go, thursday, 10:00 eastern, that means mortgage rates. lauren: number is 3.1% for the 30-year fixed rate. rose a little from the prior week. historically hot market. stuart: pending home sales, why should i be interested? lauren: contracts signed, not closed for the month of september. they surprisingly fell by 2.3%. we saw buyers rush in august. they pulled back in september. why aren't they closing the deal is the question? could be they not getting everything they need in the home. the builders say your kitchen items are in fact here.
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stuart: the market does not care. the dow industrials are up 200 points. we still have a big rally on the nasdaq as well. all right, everyone, now this. in a few hours the president will be heading to the climate summit. at this hour oil company executives are beingville lied on capitol hill. coincidence? the timing is no accident, my friends. biden goes to glascow signaling green virtue to leave the progressives. they paint oil executives as environmental criminals, biden wants them to produce more. banks starved energy companies in capital. don't invest in oil. you must go green. that is what they were told. after demand picked up after the pandemic, energy companies couldn't pump enough oil. we're producing two million barrels a day less than in 2019. biden and the greens have thrown
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away our energy independence. the people who will be pounding on big oil today have got what they wanted. unfortunately the rest of us have to pay the price. gasoline getting closer to $4. nat-gas going up and up. president biden wanted to go to glascow with a firm climate plan but he hasn't got one. joe manchin killed a big part of it and we don't know the precise climate plan in this framework released an hour ago. we don't know if the basic infrastructure package will pass. what the president takes to glascow a vague uncertain climate plan at best, leaving political theater in d.c. conducted by the way virtually. the greens blasting oil executives by remote. oh dear. failures are piling up, aren't they? second hour of "varney" just getting started.
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♪. stuart: right, we got the framework, that the basic points of this reconciliation bill. what programs are they going to support, how they are going to pay for it, we got that an hour ago, hillary vaughn joins us from capitol hill, hillary, you are finding out what the socialists are saying about the framework. what is bernie sanders saying? reporter: stuart, you are the only one looking for more details. my colleague chad pergram is talking to members trickling out of meeting, who say the framework is food. they're looking for more information and more details. a source familiar to me that senator bernie sanders has been actively talking to house progressives and urging them essentially ahead of this meeting to stand their ground and not for the infrastructure bill until the social spending package, the climate portion is ready for a vote. president biden arrived here on
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the hill. his message was everybody is on board with the framework. that is what he felt going in but in talking to members going in it is very clear not everyone is on board with this. the chair of the congressional progressive caucus. pramila jayapal, said today she talked to sanders last night. >> obviously we have concerns. i want to see the tax. i want to see what is actually in it because it is very difficult to make a decision on anything without seeing what's in it and i think that is what we need to do now. see the text, we'll hopefully we can get everyone on board and vote them through assuming it's a good bill. reporter: several progressives heading into this meeting said they want the white house and the president to keep his promise to have a side by side vote on the infrastructure bill and the reconciliation piece at the same time on the same day but some progressives essentially think that they're doing the president a favor by not letting him leave for europe
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with a infrastructure bill passed and the climate portion left behind. >> you have send the president off with an agreement and next week vote on two pieces of -- reporter: so, stuart, they're still working through the details but early message out of this meeting has been that it is way too late on the details for a lot of these members, so it is unclear how much progress is going to be made once this meeting wraps up. stuart: chaos, hillary, thanks very much. come on in charles hurt, please. you don't know, i don't know where to start. i just don't know where to start. we get the framework which is supposed to open up a vote on the original infrastructure bill but now the socialists don't like the timing of this framework or what's in it and might not vote for the infrastructure bill, so the chaos continues, what do you weigh it, straighten me out, what is going on here? >> well of coursing the good
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thing about all of this the democrats own every bit of this. this is all on democrats. they can't blame any of this on anybody but themselves. stuart: cheer up. >> when you put an avout socialist in charge of the senate budget committee. you're opening take is exactly right about this, it is a farce and the most important thing it is all intentional, $5 a gallon gasoline is the holy grail for democrats in washington. this is what they want. this is the deal -- green new deal in action, anything they can do to make it impossible for regular americans to drive their cars, to go to work, to live their lives as free americans is a, is an integral part of the green new deal platform. stuart: i think they scrambled to cobble this thing together to put it out in public to attract the voters of virginia and
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new jersey to their social programs but it is just a paper mirage, that is all it is. it is not legislative language. we don't really know what we're going to get. >> i think you're exactly right about that. it seems to me it is probably too little, what voters in virginia, new jersey are going to be reading through all the tea leaves and reading through all the legislation? how is that going to inspire them? i don't think that is going to inspire them. the fact remains, joe biden his entire domestic agenda has come to a screeching halt. the idea of a large infrastructure package would be a tremendous political victory for him, probably very popular even if it makes you and me cringe about all of the spending but that would be a huge victory but this doesn't smell like a victory in any sense to me. and i don't think it is for voters in virginia and new jersey. stuart: exactly right. i live in new jersey. charles, thanks very much for joining us.
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always a pleasure. see you soon. you calmed me down by the way, charles that is good stuff. let's bring in gary kaltbaum, market watcher of this thursday morning, the chaos in d.c., this ridiculous scramble, mad scramble to get something out there which is meaningless, why doesn't the market react to this? it is rallying? >> $250 billion of printed money a month and if you notice this morning the major crash in covid related hospitalization as well as occurrences i think that is the double-whammy right now. we also in october, november, december, as i told you, i think we're going to see some fireworks into the end of the year and first quarter before we have to deal with what i think is to come. stuart: i didn't catch that. you said that we got a real crash in hospitalizations and the overall caseload. i saw the caseload was down about 20%, down to about 70,000. i didn't see the hospitalization
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thing. >> hoe, big time. and stuart, we can turn on the tube, watch stadiums with 70,000 people, and arenas with 20,000. that helps out the situation too. and earnings, i don't know if you call them strong but beating last year by miles and good reaction to earnings are helping the cause. the big issue, by the way you're talking all this morning about the left, imagine if they had 60 votes in the senate where we would be right now. i would be heading for the hills. luckily a lot of it is not getting done. stuart: gary our audience is watching the president leave capitol hill after his meeting with the democrats, putting forward this framework. we had some comment from bernie sanders, ilhan omar, to aoc, to the point they're not happy. there is not enough in the framework, doesn't go far enough. i don't think they will vote for it. so the chaos continues. gary great show this morning, thanks for being with us. you explain pretty much why the
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market is rallying in the face of this d.c. chaos. thanks very much for that, gary, see you soon. it is a fast moving market. we have upside movement across the board. let's start with sell, they are moving. why are they moving so much? lauren: oil prices, sell, it's down. oil prices have been surging bushel is reporting a billion dollars less in shanks. stuart: runway went public yesterday. lauren: day two of trading. well off the ipo price of. 90% of our customer base still works from home. if you're not renting nice clothes to go to the office. they're banking on social events.
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stuart: we're not socializing the same way we used to. the president and speaker pelosi on their way out of capitol hill with the big meeting in the caucus. 11:30, president due to address the nation, detailing framework what is being paid for what programs they will come up, how it will be paid for. that is at 11:30. then he flies off to europe. all that coming up today. meanwhile the mayor of chicago got a cold reception speaking at a union fund-raiser. union officials are downplaying it. we have the full clip. you will see it. thousands of migrants, yep, still marching towards the u.s. border. where is border czar vice president harris? i will ask pinal county sheriff mark lamb. we're waiting for president biden to come out of meeting with the democratic caucus. he is heading to rome later on today. let's follow this for a second in case the a reporter shouts a
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question and he answers. we're trying to figure out if we get audio on that. we would love to find out if he answers any questions shouted out by reporters. hold that as he leaves capitol hill. he is no doubt on his way to the white house making that presentation at 11:30 this morning. we have to go to a commercial break, susana? he is waving? let's wait and see. okay. there were some shouted questions, absolutely no response from the president. we'll be back after this.
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♪. stuart: red hot chili peppers. that is maryland. not exactly hot right now, it is 5 6 degrees. dow up 150. the nasdaq up 112. a broad-based rally, there you go. president biden did not answer any questions as he left capitol hill after explaining the framework to his democratic caucus. peter doocy is in rome. the initial reaction to the framework is, vastly scaled down and the socialists don't like it. what do you say to that, peter? reporter: oh, vastly scaled down, $1.75 trillion, stu? the white house chief of staff just posted that is twice as big in real dollars as the new deal. so white house officials are preparing to really push this as a progressive transformation of the entire country even though they have had to strip some of the things that they wanted originally out of it. we don't know exactly what was
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discussed at this meeting yet, however we did have a producer go back and listen to the president's exit. tough to tell with the mask, he did actually say i think we're going to be in good shape. does not sound like somebody walking out after meeting where a grand bargain was struck by progressives and moderates on the way forward. progressives will not vote on it unless we see a text. we know there is no text. the president will get on an airplane, two hours right now after a national address where he describes the way forward without the win that he was looking for, at least without physically passing anything. because all of this fuss is about a framework. the house and senate can't vote on a framework. they can only vote on bills. stuart: let me ask you, quickly, peter, what is he going to do in rome? reporter: he will meet with the
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pope tomorrow afternoon at the vatican behind me and the following afternoon he will meet with the g20 leaders. we know the leaders of china, russia, two nations that the president describes as an opponent and competitor, they're not here. they will have to try to figure out how to better the world, better rule the world without putin or xi around. stuart: got it. peter doocy in rome. we'll see you soon. let's change course for a minute. let's go to chicago, the mayor, lori lightfoot attended the plumbers union, their annual fund-raiser. they're the first union to endorsed her back in 2019 but they weren't too supportive this time around were they. lauren: this is ugly. she was drowned out by boos as she took the podium to speak. >> mayor lori lightfoot.
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[boos] lauren: they did let her speak but what, why are they booing here? why are they mad? the vaccine mandate. democrats are prounion. vaccination changed that relationship. it is not just the plumbers union. the head of chicago police union, he had on monday a judge lift ad gag order on him so he can speak. he is speaking up and he is telling union workers in chicago don't report your vaccination status if you don't want to and don't report if you don't want to. stuart: that is a standoff and a half. as president biden prepares to leave the country that caravan, a couple thousand strong now still making its way to the southern border. sheriff mark lamb is with us, sheriff, have you heard from vice president harris or secretary mayorkas about this.
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>> no. i don't think i will hear from them. who knows where they are. i can tell you they're not at the border helping us for sure. stuart: your county, are you having to pay for this? how much is it costing you? >> let me give you an idea, stuart, i talked to one of my k-9s, they work the i-10 freeway. he had seven traffic stops, all seven had illegal aliens in the car. they average minimum three stops a night where illegals are in the car. we caught another car that had 52-pounds of methaphetamine in one of the spare tires, that guy claimed we planted on his car. stuart: what do you do, when you stop the traffic, find the illegals, what do you do with them? >> we turn them over to border patrol when we can. sometimes border patrol says we don't have the man power to pick those guys up. i need to say it. i usually get hammered when i do, we don't have any other choice but to let them go.
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there is no law i can enforce on those people. stuart: so you stop them, you find they're illegals, but you have to release them because the border patrol is not there to take them into custody. how about the hospitals? what is happening there? >> yeah. i don't want to throw border patrol under the bus. they're doing a great job. they're overtaxed. we have a government completely allowing people to show up. that is causing a lot of struggles for border patrol. unfortunately we don't have the resources to turn the people over. these people are dressed in camouflage clothes and carpet shoes came through the desert areas undetected. stuart: what about the hospitals in your county? >> fortunately they don't stay in my county. they go all over america. this is what america needs to here. if they take anything from this interview here, they're not staying in arizona or texas. your government and the cartels are pushing these people all over america so we don't notice the severity of the problem. stuart: you heard absolutely nothing from secretary mayorkas
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or vice president harris or anybody else in authority in the federal government? you have not heard a thing? >> zilch, nothing. stuart: i got to leave it there, sir. i have to get to a hard break coming up shortly. thanks for being with us, telling everybody exactly what is happening where you are right now. good stuff, sir. >> appreciate it. stuart: it has been 15 days since president biden declared an emergency at our country's largest port. 100 cargo ships are still waiting to be off-loaded. what is the problem here? what is the holdup? we'll head to the port of los angeles next hour for a pull report. ♪.
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stuart: slight moderation in the rally. nasdaq is still up 134 points. the dow leaders at this point i believe are merck, caterpillar, and i think apple. they're up for earnings. lauren: up on earnings. apple reported tonight. merck rates the outlook, meeting demand for industrial equipment with higher prices. especially farmers.
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stuart: that is a big gain for apple, when they haven't reported earnings for several hours. that is a big walk up, isn't it? lauren: people say this quarter for apple is not the important one. the december quarter is the big one. you get the full demand for iphone 13 captured. stuart: tell me about walmart what are they doing? lauren: they deepened their partnership with gap. a line of home decore and home furnishes. people buying homes, fixing them up. the retailer is getting into the state. that we'll spend up to 10 1/2% more this holiday season. those are some big numbers. it didn't move the retail stocks much yesterday. seems to be doing so today. stuart: doing well today. dollar tree partnering up with instacart. lauren: real fast delivery in one hour. you get your 1.25 item, right? stuart: one hour? one hour? lauren: yep. we're that lazy. i mean really. i like going to the dollar store. stuart: you can't get out of the house sometimes.
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sometimes you have a hard time getting out of the house. older people. lauren: okay. i didn't mean to be insulting. stuart: [laughter] all right. let's get to a serious subject, if that isn't serious, what is? at the port in los angeles there are still over 100 cargo ships anchored off the coast, waiting to be unloaded, more arrive every day. william la jeunesse is right there on the spot. any improvement in the backlog of ships and containers? >> it has been two weeks since the president said he was going to speed things up. some things are better, some things are worse. we learned yesterday, stuart, they are the president and his ports have endorsed a tax or a surcharge that is likely going to raise prices on you. shipping wise, the docks are basically full. but there are 99 ships still waiting out there to come in here and basically offload their cargo, right? but here's the thing, the terminals are overflowing with containers. the truckers and shippers have
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to move 60,000 containers by halloween or the penalties start piling up. costs that shippers say are likely going to be passed on to you in everything you buy. starting monday the ports will charge $100 a day every container here past nine days goes by truck, three days if it goes by rail. it increases $100 every day. meaning if you're a week late, that is not unusual, that will add $2600 to the cost of each container. >> we are in a crisis. you all know we're in a national crisis. for that matter a global crisis. >> we're approaching the holidays and we need to make, need to use every tool at our disposal to help move the bongses out of the terminal. that is the intent. reporter: right now there are 350,000 containers just sitting at the ports of l.a. and long beach. at least half of those are empty. the problem is, many are stacked on a truck chassis, creating a
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shortage for truckers. so here is an example. look at this graphic. so a ship comes in, containers are oh loaded. they go to the warehouse. they're hoarding the chassises because they need space and labor to unload them. the drivers are leaving without a chassis and take empties back here. because there is a problem with the turn around time, again the drivers have to leave without a chassis. >> we have the chassises. the problem is they're being used to store empty containers. the problem we can't free up the chassises to pull imports off the dock. that is what the issue is boiling down here. reporter: sorry to take you into the minutia on that, stuart, that is really one of the problems in terms of the trucking end of this thing. that is one of the reasons containers are stacking up. as for the fee, officials say well, we don't mean it to be inflationary. it is supposed to be you know, try to solve the problem here but the bottom line is, 40% of the containers here are going to get that surcharge unless they
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get them out lickety-split. stuart: the problem they can't get them out lech. thank you, mike. mike garcia a republican from california, he represents parts of l.a. county where the ports are i believe. congressman, let's get right to it, who do you blame for the mess at the port? >> i blame both the federal government around state governments in this case. this is what happens when you have lifelong politicians trying to run a country when they had absolutely zero business experience. between biden, pelosi, schumer, you have three politicians earned 141 years of paychecks, all as politicians, none in the business world. when you compound that with california's policies. look i love my state, great people, great weather, great geeinggraphy but from a economic perspective it's a wobbly top two revolutions away from falling down and the source of this problem for the truckers
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goes back to bill called ab-5, which prevents truckers from operating as independent contractors and a policy car which is the leading edge of the green new deal. what effective forces truckers to leave california. they can't operate as independent contractors f they do stay, they have to buy trucks effectively every seven years even though the mileage may be low. this is why we don't have truckers anymore. how california's policies affect the entire nation. we need to pay attention. stu, i ran i don't want my nation to turn into what california has become. this is an unfortunate shining example of that right now. stuart: real quick question, have you heard anything from transportation secretary pete buttigieg should be saying something about the problem at the port? >> he should be. and again lifelong bureaucrat who really doesn't have a grasp on reality of things on the ground or our ports. no, we haven't heard anything from him. nothing meaningful. there are empty talking points. these guys don't know what to do. reality this is fundamental,
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goes to core differences between liberals and fiscal conservatives, right? liberals want to punish people the way they don't behave they want to. fiscal conservatives want to incentivise people. what they should do to imposing fines, don't add up to a lot to major corporations, they will download that to the consumer. they should cut costs, lower port fees, quicker turn around times. that is how we get the things moving n california they need to allow truckers operate as independent contractors. repeal ab-5. relax car emissions, and truckers use their truckers. we do those things. we'll have enough truckers on the ground to move the containers. we'll solve the problem in a matter of weeks. stuart: thanks for joining us. thank you, sir. good stuff. talk about this, the real "wolf of wall street" is getting into nfts. is that good or bad for the nft market? i will ask jordan belfort
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himself in the 11:00 hour. the white house says the supply chain issue isn't their fault. it's yours. roll it. >> so many people across the country are purchasing more goods online and that is leading to a massive increase in volume. stuart: see, it is all the stuff that you want to buy. ceo of overstock is on the show. i will ask him if he agrees with jen psaki. ♪. our retirement plan with voya, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs...
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stuart: speaker pelosi is about to hole her weekly news conference after meeting with president biden about this framework. we'll take you to it when she begins. fresh del monte, the produce guys, they're the latest company to announce price increases on what? lauren: fresh fruit. bananas used to be nice and
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cheap. it is going up. so are pineapples. when? monday this is a problem hitting every company. at some point consumers will push back. the ceo's comments pretty striking, he says the costs are too great for them to absorb and no signs of coming down. stuart: okay. lauren: this is a pocketbook, kitchen table issue. stuart: it is. lauren: if the administration doesn't do enough about it, this is what voters respond to when they go to the polls. stuart: well-said. now this. hasbro took a 100 million-dollar hit because of supply chain disruptions. the toys are stuck in ports or warehouses. let's get a handle on the supply chain problem. let's bring in the ceo of overstock, jonathan johnson joins us now. you're right in the middle of this. can you tell me if there is any improvement in the supply chain problem at all. at all? >> the supply chain kinks are real and they're persistent. we've been able to deal with
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them because of our broad and distributed supplier base. so if one supplier is out of product another one usually has it. that is why our in stock percentage is higher this year than it was last year. we'll tell you the place we see the bottleneck today is with trucks and chassises. there are containers piled up in yards, empty containers piled up in yards. without trucks and chassises to move them around so we get the full containers that are bobbing on the ocean into the states and start selling goods to product. but it hasn't affected us as much as it has others because of our really broad distributed supply chain. stuart: congressman garcia, who was on the show a few minutes ago, he blamed california's rules and regulations for the truckers and the chassis problem at the port in los angeles. you agree with that? >> yeah. i think there are state regulations, there are local
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regulations. i read local long beach city ordinance which prohibits the height of empty containers can be piled. if there is no room to bring in new containers, we need to be allowed at least for a time, at least for a time to stack the empty containers higher so we can stop the bottleneck that is bottoming out, bobbing out in the ocean. stuart: white house press secretary, jen psaki, she is blaming us, american, consumers, they're blaming our spending habits for the supply chain issue, that we're spending too much, demanding too much. you want to respond to that? >> well i think that is lieutenant crouse. ludicrous. customers should purchase what they want. as far as spending too much, i know at overstock we're focused on smart value. our goal is to get people products, the best product they can get for the lowest price
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without having to spend too much. but to say it is a consumer problem, to do this is just wrong. stuart: someone told me the other day if you see something that you want, and you see it online, we just got the video frozen right there, i was going to say, someone said to me the other day, look, if you see it in a store or if you see it online and it's in stock, buy it, buy it now because a couple of weeks down the road you might not get it and it might be more expensive. >> i'm here. stuart: he, glad you're here. did you hear the statement, if you see it, buy it? >> i did, i sorry i lost video, stuart. but overstock we don't offer anything for sale that we can't ship right away. if it is not in the warehouse we don't offer it. stuart: okay. >> i do think that, you know, as we go into the holidays, shopping early, is better and of course as retailer i would say shop early and shop often but
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that is a retailer's perspective. stuart: jonathan, thank you very much for joining us. don't worry about the video. we heard you loud and clear. thanks so much, jonathan. >> thanks, stuart. stuart: sure thing. market still in rally mode big time. the dow up nearly 200. nasdaq is up 150. in less than an hour president biden will deliver an address on a revised framework of social spending plan. we will carry that for you live. right now, oil executives are getting on capitol hill right before the president leaves for his climate conference, the summit s that a coincidence? i think not. we have the ceo of canary, the largest wellhead oil service company in the country, he is on the show. he will talk about these oil execs getting grilled after this
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stuart: yes, we are awaiting for speaker pelosi. she is about to hold her weekly news conference. we expect her to be saying something about this framework deal, whether or not she can get the votes to pass the
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infrastructure deal. we'll bring you that when it happens. the market still rallying despite the chaos, the market is rallying. there is a wall of money still coming on wall street. that's the response, a rally. the dow is up 35,000, almosthundred. nasdaq at 15,400. how about that? at of this very moment big oil executives are being vilified on capitol hill. just as president biden heads to the climate summit in glascow. she leaves down in a couple of hours. bring in dan ebb erhardt, the ceo of canary. what do you say about the timing here? they're pounding on big oil just as the president goes to the climate conference. that is not a coincidence, is it? >> oh, it is not a joins dense at all. i think for biden, speaker pelosi, you're waiting press conference for, for the
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democrats, this is a rite passage especially with the price of oil rising at the pump, getting harder for consumers to afford, especially before this environmental conference in europe. the oil companies get hit when the price of oil goes up and you know nobody, nobody helps us on the way down. so this is just kind of what we expect in the industry. stuart: irony here is that they are pounding on big oil just as the president is begging big oil to produce more oil. >> it doesn't make a lot of sense. on one hand joe biden and the democrats think they have this fdr sized mandate to reduce energy emissions and reduce carbon footprint but at the same time they don't want prices to go up for consumers. so joe biden is asking opec and asking u.s. shale to produce more at the same time and then, throw on top of all of that he is trying to get some political cover to go to this environmental conference in
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europe. so they're hitting, democrats in congress are hitting oil companies but at the same time there are standards like clean air standards, methane fees are stripped out the of the stimulus bill. biden is backtracking on greener. i think he is trying to have three sides of a triangle here. stuart: you own a trucking canary and canary. what problems are you getting moving freight? >> that is different set of issues. it is very difficult to get items from china. we tender goods from shanghai nine days, now it is averaging in the high 30s. second of all very difficult to get new drivers in the industry. rules and regulations particularly around safety all make sense on their face but some it drives people away from being a truck driver into other industries where they have over time to be home with families on the night and weekend. getting new truck drivers is extremely, extremely difficult.
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the freight demand is fine. the freight demand is great. stuart: are you getting help from transportation secretary pete buttigieg? >> absolutely crickets. if anything the regulations in the obama administration and since the biden administration taken off made it more arduous and more difficult to operate. stuart: this is not a good time for that. dan thank you for being with us. see you real soon. >> thank you. stuart: we got this revealed to us so to speak. the pelosi press conference, supposed to be 10:45. it has been moved to 2:00 p.m. eastern this afternoon. now this, republican senators blasted attorney general merrick garland over investigating threats against school boards. things got really heated, didn't they? lauren: the senators were furious over a memo garland issued intending to stop parents speaking out at school board meetings by having the justice department investigate them. >> law is based on facts, it is impartial, it is not used as a tool of political retribution.
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this memo was not law. this memo was politics. >> general garland you have weaponized the fbi and the department of justice. it's wrong, it is unprecedented to my knowledge in the history of this country and i call on you to resign. >> thank god you're not on the supreme court. you should resign in disgrace. lauren: he didn't back down. you have the national school board association which sent the letter that prompted the ag to get the doj, even the fbi involved and go after some of these parents. that association apologized for calling parents domestic terrorists but merrick garland did not back down. stuart: he did not. got it. lauren, thanks very much. still ahead on this program today, katie kayleigh mcenany, wolf the wall street, jordan
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>> framework is another word for nothing. it's not a bill. these are talking points that nancy pelosi, president biden and chuck schumer convince the socialist caucus democrats own everything, it is all intentional. $5 a gallon gasoline is the holy grail for democrats in washington. >> we will see some fireworks at the end of the first quarter before i deal with what comes. >> the federal reserve expanded its balance sheet and that is not a coincidence. this momentum is still there. the leadership of financial, energies and big tech. >> this equity market can go a lot higher. ♪♪
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stuart: it is 11:00 eastern time and we have chaos in dc. the president is back at the white house after a trip to capitol hill where he laid out the framework of his spending plan. right away he got resistance from the socialists. we are waiting to hear from speaker pelosi because she delayed her press conference until 2:00 pm but the president moved up his remarks to 15 minutes from now. let's check the markets, the rally continues across the board. the nasdaq is up 150, the nasdaq up 200. show me big tech, a mixed picture, various -- microsoft is down. apple, amazon and facebook are up. tesla is up another 3%. we believe elon musk is close
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to a net worth of $200 billion. president biden says he believes democrats have the framework to pass his $1.5 trillion spending plan. edward lawrence at the white house, the president delivers is a 11:15. what are the socialists saying? >> the head of that progressive caucuses she is not willing to go with the bipartisan infrastructure bill, we can vote on it today. she wants to see the language of the social infrastructure bill and have a vote today. she doesn't believe kristen sinema and senator manchin are on board, the president is saying, walking down the hallways in congress, the framework is a $1.7 trillion framework. look at some of the things in
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this framework, that goes to childcare and preschool, we are talking $400 billion for $200 billion and extends the child tax credit, to expand access to home care, with energy and climate investment, $90 billion for equity and other investments and $100 billion to fix the immigration system. this is a framework. it lacks language. on immigration it says the money would reduce backlog, expand legal representation for asylum-seekers and make the asylum order processing efficient. for the climate change part of this the president believes spending will reach that 50% greenhouse emission goal by 2030. very interesting pop out of this.
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a one% surcharge on company stock buybacks, regardless of deduction. it includes a penalty tax on companies that ship jobs and profits overseas, that will raise $350 billion but is unclear how the irs will gauge compliance related to this end the president would like to get that tax gap by going after the wealthy and clearly a tax and spend bill that the president is trying to push forward. stuart: not actual legislation. kayleigh mcenany joins us, could the socialists derail the whole thing including the original infrastructure plan. >> it is possible. i will preface this by saying democrats always stick together. i think they find a deal. that said bernie sanders is
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generally true to his word or principle that he said yesterday it was inconceivable to get on board with what is going on now, want to see the text of the bill. how will they be a vote on one or 2 bills when neither seen in the past? stuart: doesn't have to be an artificial deadline when voting today. you can carry this through november. >> one democratic member said a vote on both today, i am not seeing that. pelosi shot herself in the foot creating artificial deadline after artificial deadline and the deadlines don't mean anything. stuart: does the president get what he wanted? that is a virtuous flag to wave in front of voters of virginia and take with him to europe and glascow? >> he created an international
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disaster with afghanistan, we saw economic growth today, even cnn saying that. he is hoping to carry forward a $500 billion infrastructure bill, i don't think so. stuart: only time will tell. the way it folds out i have no idea. >> in a people showed biden's dealing this legislation of what americans think of his performance, 36%. the general feeling of incompetence after afghanistan, only 36%, the weight is going. stuart: i wonder what democratic voters think, the party tearing itself apart and forgetting important infrastructure legislation. what did democrat voters think
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about this? >> tearing them apart, these factions. this is not a number or what kind of tax. manchin and kristen sinema, they don't trust them and in their home states, not popular. you have polling as a problem and the deficit in trust with a political party. stuart: thank you very much. hope you can come back after we heard from the president and you can comment. we will watch you at 12:00 noon when you appear on out number on fox news. i think it should be, ambushed, not outnumbered. >> we want you back. stuart: markets rallied nicely, dow is up 200 points. heather, the markets rallied despite what is going on in the government in dc. we have inflation, slowing growth. want to ask what is going on?
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>> a few dynamics in play, fear of missing out, wall street cause that cuomo. you have interest rates near 0. the federal reserve is keeping rates near 0, inflating asset bubbles and asset classes like the stock market, crypto currency across the board. it is inflation, liquidity, people are finding, desperately looking for a place to put it. the market will crash when the liquidity dries up and you see interest rates head higher. stuart: that is a very you motives word, when you use the word crash everyone's attention perks up immediately, if the federal reserve turned off the money spigot you think we have a crash? >> the stock market will head higher while interest rates
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very low, retirees can't get a good return in money markets or cds. less than one%. people like you held microsoft for half a century but if you look at platforms like robin hood, chat rooms like redit, rise of the millennial day trader, they made it like the gameification, people are interested in business and the economy and the stock market. when you are in and out of microsoft, half a day versus half a century, that poses a big problem for the markets. stuart: it used to be it was the elite. it would truly be elite, wealthy people who invest in the stock market. now it has become a mass participation kind of thing. america's middle-class is in the market. and i right? >> if you are not a retail day
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trader you're in the market through retirements, 401(k) plans, in the market through pension plans, some form or another you are you have exposure to the stock market, people are seeing green. the dow near all-time highs. you have chaos in dc, 11 million job openings and the stock market keeps heading higher because of all the liquidity and when interest rates head higher will be a problem for investors. stuart: not until the fed turns off the spigot. >> if they ever do. stuart: there is no chance they keep printing forever and ever. >> that's the problem. look at the spending bill, went from 3 trillion, $1.75 trillion, but it doesn't matter. there is no limit. why not $10 trillion?
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the capability to print money, eventually you have hyper massive inflation and that's the only thing that is going to derail the massive spending agenda and runaway inflation. >> the rally gets a little better, up $2.25, stanley, black and decker, why are they down 3%? >> runaway inflation, this is an inflation story, they lower their full-year earnings outlook because of rising prices, commodities. stuart: lower the outlook. when you do that the stock goes down but forward was up 9%. >> the highest close in 7 years. they raised for your profit outlook. that something their closest rival general motors didn't do and restarted their quarterly
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dividend program, suspended during the pandemic so $0.10 payable to shareholders november 1st. stuart: last time we checked, ebay was down several percentage points. >> even more so. there are active buyers, 5% in the quarter, $254 million, stiller stayed flat. they forecast late holiday quarter sales. stuart: the online boom. >> they go back to brick and mortar and sc has been a big winner. stuart: president biden will speak in a couple minutes after his meeting with democrats. we bring it to you live. another quick note. we were told the president will be part from rome earlier than expected today and leave after he finishes the remarks which are coming up in a couple
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stuart: president biden will be speaking to the nation. he's going to address a framework on the spending bill he arranged with his democrat party. we've not yet received the 2-minute warning. let's bring in congressman ralph norman from south carolina. i'm sure you've seen the framework. what do you make of it? >> the framework of what he is doing, spending, build back better, bankrupt america quicker, there is no republican who can vote for the $1.2 trillion which is
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$5 trillion bill. it is payback on states that have been mismanaged under the guise of the green new deal. hope both of them go down and anything but bipartisan and this -- stuart: looks good politically because of the election coming up in virginia and new jersey. there is a big expenditure on childcare, homecare, child tax credits. the programs are very popular. they come out with this to look popular, to look good as the president flies to europe as the voters are preparing to vote in virginia and new jersey. >> what the american people realize and what he is saying is just words. to say it is not going to cost anything and every tax bracket
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is going up. he has taken away all the things that made the trump administration that made this economy run but the last percentage of growth for gdp is less than one. i'm glad he came to the field today. it helps our cause because he can't sell anything much less remember what he is talking about. stuart: that is cruel. it is ironic the socialists of all people could be the ones to really blow the whole thing up and stop it all. it could happen. >> i hope it does. for different reasons. we want to see both of them go down in flames. americans don't deserve this. we came out of the worst pandemic, people can't find workers. the debacle in afghanistan, supply chain. we don't deserve this. hopefully we can stop it. i hope no republican goes for either one of them. and socialists stopping their own ironically because it doesn't spend enough in their minds.
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stuart: we have been asking people from all over the country what the supply chain situation is in their area. how is it going in south carolina? >> we have the port of charleston. we can definitely unload the ships we get. it is primarily on the west coast that is blocked up. it is having an effect on every business, then it is in 49 states. stuart: i am going to read this. congresswoman cori bush asked if she's prepared to vote for the infrastructure package. she said no when entering the caucus meeting. >> it looks like there is growing progress of opposition to the framework on the order of votes they want to take him.
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it looks like socialists and progressives could derail the whole thing. >> that is great and they will hold us here all day and we heard that they would put smokescreens up to say they are close to the alleged make it before biden goes off on planes filled the fossil fuel so i think that is good news and hope it all goes down and i hope the 9 or 12 republicans don't vote for the first infrastructure package because both of them are illegitimate and should be american people. stuart: thanks for being with us. i to make sure everybody realizes a rally here. the dow industrials, or chaos about what we spend and how we tax. all of that going on. and a slowing economy, 2% growth rate that was reported, just 2% down from 6% in the
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previous quarter. up 5% inflation right now and natural gas and gas prices going up despite all of that, a rally again. >> most say there's a lot of cash out there. a lot of people made a lot of money for stimulus and retail stock market investing during the pandemic and putting it to work and a lot of wall street watchers say that the path is not this year but early 2022. what happens on december 3rd? the government runs out of money because we passed the spending measure until that date. majority of people might be ignoring the chaos in the democratic party if they can pass the spending bills because they kick the can down the road and maybe the dropdead date is december 3rd and we start to see the stock market not holding these gains. stuart: there is one thing not
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in his framework, they can't look at your bank account, is that dropped? >> apparently biden, the bill is ensuring some provision the irs can't snoop in your account. i can't say something in accurately. stuart: i know that was unpopular with some democrats and a great deal of republicans. >> it doesn't include financial data reporting to the irs. that would make every american nervous. stuart: can we load up some quotes on various markets, we still don't have the 2 minute warning, supposed to be 11:15. and the nasdaq up 176 and there's the s&p up 37. that is another rally anyway you slice it.
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now winners include procter & gamble, united health, solid gains. can you show me tesla, google is up, and get me microsoft and some of the other big techs moving. >> almost 4%, $1,300 price target earlier today. stuart: tesla at $1,075 per share up $37 today, on an absolute roll up 3.5%. we have to take a commercial break and when we come back we hope to see the president. we will be back. ♪♪ ♪♪ i just can't get enough ♪♪ i just can't get enough
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and now, miracle-ear is offering a thirty-day risk-free trial. you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. stuart: the president was supposed to appear 11:15 to address the nation. we are still waiting. speaker pelosi was supposed to do a press conference at 10:45 pushed back to 2:00 pm. this will chaos here but edward lawrence is with us. is this chaos because what the socialists are saying against the framework? >> the white house trying to figure out what the president
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wants to say, he's living in a rosy place saying in the halls of congress he think they are in good shape. however once the meeting ended, started hearing some of these comments and it wasn't quite that. kristen sinema said in this after months of productive good faith negotiations we made significant progress on the proposed budget reconciliation package. i look forward to getting this done, not think it is a deal, significant progress. the president goes to capitol hill, meet with democrats, says everything is fine, then you start seeing members coming out of the meeting saying wait a minute, we don't exactly agree, we are not going to vote for the bipartisan infrastructure bill without reconciliation bill. she is unconvinced the president has everybody together.
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>> is confident he can get the vote. it wasn't clear whether the two senators are committed to vote for it. i think it is a leap of faith in the president. >> she's talking about senator manchin and kristen sinema, saying there is significant progress, not that she would vote for something. i will show you the tax pay for that they want to put in it. this is something a market is looking at, things that will be squeezed out, one% surcharge on companies, stock buybacks and minimum corporate tax of 15% regardless of the deduction. a penalty on companies that ship jobs and profits overseas. the administration believes $350 billion, and clear how the irs will gauge that. if you look at when the meeting ended at 10:00 am this morning the market started to turn up
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and is up 165 significantly more up after those comments. maybe the market is looking at this saying we will not see those tax increases as of yet, stalemate in washington dc. gridlock is good. no tax increases. stuart: more on the stalemate, bernie sanders said he needs to see the legislative text and want the framework improved. there is significant opposition from the left to the framework they came up with this morning. this is chaos. the president still hasn't appeared. he is not there yet. we are waiting. speaker pelosi was supposed to appear 10:45, that has been pushed back to 2:00 pm. this is chaos. i would love to be a fly on the wall trying to figure out what they can say. >> having been a former press secretary, never move up the time of is you are certain he's going to be there, we are
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officially past the original time, it feeds into the notion that there is chaos when there is diametrically opposite statements, christensen a, we made significant progress, it needs to be improved. closer to kristen sinema a general sense of chaos in timing and -- stuart: it hasn't improved. we have a framework but that is not the legislative text. we don't know the details, it is just a piece of paper. you have the same opposition from the left and the same opposition from moderates in the middle. they don't have an agreement that would pass a vote. that is where it seems to be to me. >> i've been in the white house when they were cracking legislation from covid relief bills where mark meadows is going behind-the-scenes talking to members seeing where they are and we come to the podium with information only when rocksolid in line. you wonder what ron claim was
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doing, imposing the framework that doesn't appear to be going anywhere. may be he will take a victory lap. stuart: you have been in this situation, press secretary for donald trump. there must've been occasions you were in the back room trying to figure out what the president was going to say or what you were going to say, it gets tense. >> i would be in the morning meeting with mark meadows at 8:00, 8:30, jared kushner would be there. i go back minutes before the briefing and say the school funding is x billion dollars, don't want to go to the podium and if that is not where members stand what he was good about making sure the house was in line, senators were in line it went on to the podium is something that we could expect to transpire informally pass legislation. stuart: i take my hat off to you. the media went to you like you wouldn't believe. never responded in kind.
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>> president biden needs to take questions today. worse than ever he has been avoiding the questions that on a day like today, about to go overseas, the press will be eager to ask what is going on. stuart: he can't. of course he can, but he really doesn't want to. he does not want to be grilled by the media which is turning a little hostile about this deal which they are supposed to have which is in trouble already. >> sometimes use emotional when things are not in line, tends to lash out, the famous line come on, man. have to wonder what is going on behind-the-scenes was is he preparing for a freewheeling q and a? or is he just going to turn his back and head on over to europe? stuart: he still hasn't appeared.
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the chaotic mode, nothing happening. >> nancy pelosi wants to vote on -- told cnn or background reporting that said don't embarrass me to the members which a clever tactician move on her part which he is going to be on air force one headed overseas, don't want to domestic embarrassment so to put the vote right there finds pressure on aoc. stuart: this is no way to run a government, no way to decide how to transform america or implement brave new policies, where you check things in and take stuff out willy-nilly, nobody sure what is in it or what is out for what it all means, no planning, no preparation, a billionaires tax or maybe we won't, don't know what the consequences are. that is chaos, shouldn't be running a government like this.
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>> when your freewheeling tax policy, wall street journal editorial board had a piece of what you said, the billionaires tax might be unconstitutional, the carbon tax, manchin isn't on board with that. this has related implications for the economy, and inflation problem. they appear to be looking at political calculations. stuart: what are we doing here? i can tap dance for a limited period of time. nasdaq is up 160, s&p is up 38 points. the s&p is on pace, it would be the fiftieth record close. it hit an all-time intraday record high. the dow was approaching 35,700. the stocks are moving, nothing to do with the framework
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agreement or anything else. this is tesla powering again 3% higher, 1069 is the quote they have reached. microsoft. i saw it premarket every dollars and $0.25. then it went down to 320, it is up to 324. that would be a closing high, it is up a bucket this moment. we are waiting for president biden. we haven't got the 2-minute warning yet. i think we will take a commercial break. we will be back hopefully with the president. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today.
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is television so we can't be dumbstruck. speaking of which, looking at this let's keep one thing in mind with president biden, what is going on it may account for the delay. every time president biden goes out and makes a statement, what is he doing? he is reading it word for word off of the teleprompter. if it had been donald trump, barack obama, bill clinton, they go out with a statement on paper, stand and wind their way through it. president biden does not and cannot do that which means someone in that white house has to literally sit down and type out the words he is going to say in some detail and insert them in that teleprompter. it can't be a 60-second statement which he turns around and walks away. it has got to have detail and i
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have no doubt it is taking some time to execute the format president biden is comfortable with. stuart: by the podium in the back room the president's chief of staff, probably jen psaki, and the president himself and a few other, ron claim maybe trying to figure out what the president is going to say and they are hearing from bernie sanders, from aoc, that the socialist 70 problem with it. that is holding things up. last word to you because we got 2-minute warning. >> he will not do it extemporaneously and i would be very doubtful that he is going to stand there and take questions from the press. this is as good as it is going to get, this statement, and the market will have to make of it what they will. stuart: thanks for being with us. let's get kaylee in. i think we are right. in the back room, ron claim, jen psaki, the president, if you senior officials and they are hearing from bernie sanders. i don't like this framework.
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>> i have to believe the talking points were predetermined before the 9 am meeting ever happened. i believe there was a victory lap planned no matter what. it might be a victory lap that we made progress or a real one saying there's going to be a vote on bipartisan infrastructure and that puts pressure on nancy pelosi to deliver. one point i still make a when he went to the hill, they expected him to say vote for infrastructure. he didn't do that. he linked the two together. we when i will introduce them. ladies and gentlemen, the president of the united states. >> president biden: today, i'm pleased to announce that after months of tough and thoughtful negotiations, i know we have a historic economic framework. is a framework that will create millions of jobs, grow the economy, invest in our nation
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and our people, turn the climate crisis in an opportunity to put us on a path not only to compete but to win the economic competition for the 21st-century against china and every major country in the world. it is fiscally responsible, fully paid for. 17 nobel prize winners in economics have said it will lower the inflationary pressures on the economy. over the next ten years, it will not add to the deficit at all but will reduce the deficit. i to to thank my colleagues in congress for their leadership, we spent hours and hours over months and months working on this. no one got everything they wanted, including me, but that is what compromise is. that is consensus and that is what i ran on. compromise and consensus are the only way to get big things done in a democracy. important things done for the
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country. i know it is hard and how deeply people feel about the things they fight for this framework includes historic investment in our nation and in our people. any single element of this framework would be viewed as a fundamental change in america. taken together, they are truly consequential. i will have more to say after i return from critical meetings in europe this week but for now, let me out a few points. first, we face, i apologize for saying this again, we face an inflection point as a nation. for most of the twentieth century we met the world by significant margin because we invested in our people, and all the roads and highways and bridges but in our people. and our families, didn't just build an interstate highway system but a highway to the sky.
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we invested to win the space race and we won. we are among the first to provide access to free education, back in the late 1800s. that decision alone to invest in children or families is a major part of why we were able to lead the world for much of the twentieth century but somewhere along the way we stopped investing in our people. america is the largest economy in the world, the most productive workers and most innovative minds in the world. we risk losing her edge as a nation. are in for stricter used to be rated best in the world. today according to world economic forum we ranked thirteenth in the world. we use to lead the world in educational achievements. now the organization for economic cooperation and development ranks america 35 out of 37 major countries when it comes to investing in early
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childhood education and care. we know how our children start impact significantly and how they will finish. we can't be competitive in the 21st-century global economy if we continue to slide. that is why i have said all along we need to build america from the bottom up in the middle out and from the top down. trickle-down -- trickle-down economics fail as. i can't think of the time the middle classes the love of the wealthy haven't done very well. many times including now when the super wealthy do very well, the middle class doesn't do well. that is why i propose the investments congress is now considering. in two critical pieces of legislation, positions i ran on as president, positions i announced when laid out in joint session of congress what my economic agenda was. these are not about left versus right or moderate versus progressive or anything else that puts americans against one another.
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this is about competitiveness versus complacency. it is about expanding opportunity. it is about leading the world or letting the world pass us by. today, with my democratic colleagues we have a framework for my build back better initiative and here is how it will change the lives of millions of people for the better. millions of you are in the so-called sandwich generation, who feel financially squeezed, by raising a child and caring for an aging parent. about 820,000 seniors in america, people with disabilities have applied for medicaid and are on a waiting list right now, to get home care. they need some help. they are not being kicked out of their home but they need a
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little help getting around. have meals made occasionally for the. they don't want to put them in nursing homes not because of the cost but because it is a matter of dignity. they want to stay in their homes but it is hard. just looking for an answer. so parents can keep living independently with dignity. for millions of families in america this issue is the most important issue they are facing. it is personal. we expand services for seniors so families from well-paid professionals, help them take care of their parents at home. cook meals for them. to get groceries for them which help them get around. help them live in their own home with the dignity they deserve. quite frankly, what we found is this is as popular as anything
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else we are proposing because the american people understand the need. it is a matter of dignity and pride. 30 years ago, we ranked number 7 among the advanced economies in the world as a share of women working. where we are today, ranked 20 third, 7-23. our competitors are investing, we are standing still. there are nearly 2 million women in america.working today simply because they can't afford childcare. typical family spend on childcare, some states 14,500 per child. we are going to make sure they will pay no more than 7% of their income for child care. for a family making 100,$000 a
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year, that will save them $5,000 in child care. this is a fundamental game changer for families and our economy is more parents, especially women can get back to work and work in the workplace. looking at a lot of people in front of me, a lot of them are working, working mothers. they know what it costs. i remember when i got to the senate i lost my wife and daughter in an accident, my two boys, started commuting 250 miles a day because i had my mom and dad and brother and sister, i can't afford childcare, 42,$000 a year. we extended historic middle-class tax cut. that is what i call it. middle class tax cut for parents. that is the expanded child tax credit past with the american rescue plan. what that means is for folks at
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home, they are getting $300 a month for any child under the age of 6, $250 for every child under the age of 18. we are extending that. the money is already a life changer for so many working families. this cut child poverty in half this year. that is not all it does. it changes the whole dynamic for working parents. in the past if you pay taxes, you could deduct under the tax code 200,$000 per child from the taxes you owed but how many families do you know, cashier, waiters, healthcare workers who never got the benefit of the tax break because they didn't have that much to deduct. it wasn't refundable. it either came off your tax bill or you didn't get full credit. why should, if somebody is making 500,$000 year, 150,$000 a year get to write it off
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their taxes? the people who need the help even more don't have that much to pay. they don't get the benefit and have the same cost of raising their children. 80% of those left out or working parents who just didn't make enough money. that is why the american rescue plan we didn't just expand the amount of the middle class tax cut what we also made it refundable. the framework will make it permanently refundable making sure families who need it get the full credit for it in addition to those already getting full credit. they are going to make sure every 3 and 4-year-old child in america go to high-quality preschool as part of the legislation that i just brought up. studies show when we put 3 and 4 years in school, not day
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care, school, we increase 47% the chance that child no matter their background will be able to earn a college degree. as my wife, jill, in the back, says, any country that out educate us is going to outcompete us. can finally take is from 12 years to 14 years of universal education in america. we also make investments in higher education by increasing tell grants to help students from lower-income families attend community college and four your schools and invest in historically backed universities, colleges, universities, minority serving institutions and tribal colonies to make sure every young student has a shot at a good paying job in the future. this framework extends tax credits to lower premiums for folks in the affordable care act for another 3 years. for 4 million folks in 12
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states that haven't expanded medicaid all the rest have, this framework will enable you to get affordable coverage, medicare will cover the costs of hearing aids and hearing checkups. this framework also makes the most significant investment to deal with the climate crisis ever ever happen. beyond any other advanced nation in the world. over 1 billion metric tons of emission reductions, at least 10 times bigger on climate than any bill that passed before and enough to position us for 52% emission reductions by 2030. and do it in ways the growth of domestic industries, create good paying union jobs, address long-standing environmental injustices as well. to do things like weatherize their homes so they use less energy and install solar panels and develop clean energy products, help business produce
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more clean energy. when paired with the bipartisan infrastructure bill, will truly transform this nation. historic investments and passenger rail. they say biden is a real guy, that is true. passenger rail, freight rail and public transit will make hundreds of thousands of vehicles off the road saving millions of barrels of oil. everybody knows all the studies show if you can get from .8 point be in electric rail, they take the rail service. also learn most major cities in america minority populations, 60% of folks don't have vehicles. table beyond time. this will do that you did for detroit.
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95% of the 840,000 school buses in america run on diesel. 25 million children, thousands of bus drivers brief polluted air, we are going to replace thousands of these with electric school buses and big batteries underneath that are good for the climate and i went down we'll buildout the first-ever national network of 500,000 electric vehicle charging stations, all across the country. so when you buy an electric vehicle, you get credit for buying it, you buy an electric vehicle you can go all the way across america on a single tank of gas figuratively speaking. it is not gas, you plug it in. 500,000 of them. these stations along the way.
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we'll get off the sidelines manufacturing solar panels, wind farms, electric vehicles with targeted manufacturing credits. you manufacture, you get a credit for doing it. these will help grow the supply chains in communities too often left behind. we'll reward countries for paying good wages reward companies i should say, for good wages and for sourcing the materials from here in the united states. that means tens of millions of panels and turbines, doubling the number of electric vehicles we have on the road within just three years. we'll be able to sell and export these products and technologies to the rest of the world and creating thousands more jobs because we are once again will be the innovators. we'll also make historic investments in environmental cleanup and remediation. that means putting people to work in good-paying jobs at prevailing wage, capping hundreds of thousands of,
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hundreds of thousands of abandoned wells, oil and gas wells, that need to be capped because they are leaking things that hurt the air. putting a stop to the methane leaks in pipelines. protecting the health of our communities. it's a big deal and we'll build up our resilience for the next superstorm, drought, wildfires and hurricanes that represent a blinking code red for america and the world. last year alone these types of extreme weather event you've all been covering, you all witnessed, some of you were caught in the middle of have caused $99 billion in damage to the united states within the last year, $99 billion. we're not spending any money to deal with this? it is costing us significantly.
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i met, in pittsburgh i met an ibw electrical worker who climbs up the power lines in the middle of a storm, to keep the lights on during a storm. he calls himself 100% union guy. his job is dangerous. as he said, i quote, i don't want my kids growing up in a world where the threat of climate change hangs over their head, end of quote. folks, we all have that obligation, that obligation to our children and our grandchildren. the bipartisan infrastructure bill is also the most significant investment since we built the interstate highway system and won the space race decades ago. this is about rebuilding the arteries of our economy. across the country now there are 45,000 bridges and 173 miles, thousand miles of roads that are in poor condition. some of the bridges you don't even take a chance of going ac


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